AL-ARBAH: Journal of Islamic Finance and Banking

Vol. 2 No. 1 (2020), 103-117; DOI: 10.21580/al-arbah.2020.2.1.5496

E-ISSN: 2716-2575, P-ISSN: 2716-3946

E-Money Based Boarding School Cooperative

Development Model (Kopontren) As An AL-ARBAH | 103
Sharia Economic Acceleration Effort In
Indonesia

Marwini1, Annisa Nur Salam2

1,2Universitas Diponegoro Semarang, Indonesia

marwini@live.undip.ac.id

Abstract
Purpose - This research aims to know E-money based boarding school
cooperative (Kopontren) development models.
Method - This research is used descriptive qualitative by discussing the
development of the co-model with sharia economic agreements and e-
money as a transaction tool.
Result - The results of the research showed three models, namely
development model of Islamic boarding school cooperative (Kopontren) as
community economy developer, model of sharia agreement
implementation in Kopontren operations, and e-money application as
transaction media in Kopontren business unit.
Implication - This study uses the data from the study of literature.
Originality - The paper looks into the development model of the co-op
with e-money based. Previous studies have only focused on development
models. This paper contributes to introducing the application of an
inclusive financial system.

Keywords: kopontren; e-money; sharia economic;.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

Introduction
Islamic boarding school is an educational treasure that was present long
before the founding of the school. This institution has contributed greatly to
the world of education and the formation of human resources. Over time,
AL-ARBAH | 104 Islamic boarding schools have experienced developments in Indonesia, both
in terms of quantity and quality. Based on data published by the Ministry of
Religion of the Republic of Indonesia (2012), there are 27,230 Islamic
boarding schools scattered throughout Indonesia. With a total of 3,759,198
students, consisting of 1,886,748 male students (50.19%), and 1,872,450
female students (49.81%).
The largest boarding school population is in the Province of West Java
with 7,624 huts (28%), East Java with 6,003 huts (22.05%), Central Java with
4,276 (15.70%), Banten with 3,500 huts (12.85% ) and the remaining 21.4%
or equivalent to 5827 lodges are in other provinces.
In the initial phase of its establishment, pesantren only referred to the
development of the field of religious education. But over time, pesantren have
succeeded in carrying out social movements by empowering people in the
surrounding environment. According to Azyumardi Azra (1997) as quoted by
Nadzir (2015), the pesantren is now expected to not only play a traditional
function as an institution that transfers Islamic sciences. More than that,
pesantren must also be able to become the center of community
empowerment.
In addition, with the development of society and the flow of globalization,
Islamic boarding schools are required to make changes slowly without
leaving their characteristics as religious education institutions. One of the
changes made by the pesantren is that the pesantren is developed not only to
teach about religion or the yellow book, but also that the pesantren can be
developed into a people's economic base and a center for economic
development of the people in the regions, both in the form of Islamic financial
institutions or Islamic boarding school cooperatives (Eljunusi, 2012).

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

One issue that is being discussed a lot in relation to Islamic boarding

schools in relation to economic and financial elements is the collaboration
between Bank Indonesia and several Islamic boarding schools in
implementing Digital Financial Services (LKD). Islamic boarding schools are
AL-ARBAH | 105
potential in developing LKD because the institution has a strong network and
great influence to the alumni of their students and the surrounding
community. In addition, pesantren also has business units that have legality,
which have experience serving financial transactions for rural communities.
(BI Communication Department, 2015).
One indicator related to DFS is the implementation of non-cash payments.
During its development, from 2010 to 2014, non-cash transactions in
Indonesia experienced a significant increase. Based on Bank Indonesia's
publications in the third quarter of 2014, the value of non-cash payment
transactions increased by Rp8,742.08 trillion (26.97%). While the volume of
transactions increased by 36.12 million transactions, equivalent to 3.16%
(Bank Indonesia, 2014).
Although the value of non-cash payment transactions has increased,
however compared to the use of cash, the difference is still far behind. The
value of transactions using Electronic Money in 2013 was Rp 1.27 trillion and
the transaction volume was recorded at Rp 64.99 million transactions or the
transaction value was smaller than the use of currency at Rp 420.9 trillion
(Bank Indonesia, 2014). The percentage between the use of e-money with
cash the difference is very large difference, which is 0.3% compared to 99.7%.
In fact, there are several advantages to using electronic money. According
to Dias (1999) in Pramono et al (2006), the existence of a non-cash payment
instrument using a card can reduce waiting costs and transaction costs for
holding money for both transactions and precautions. The use of card-based
non-cash payment instruments can be more practical and efficient and saves
transaction costs and saves time. The convenience provided by e-money
makes the user does not need to prepare or carry cash wherever they go and
avoid fake money that might be obtained if doing a transaction in cash
(Abidin, 2015).

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

Based on the explanation above, this paper aims to offer a model for
developing e-money implementation as an electronic payment instrument.
This form of development can be implemented through collaboration with
Islamic boarding schools as institutions that have strong networks and are
trusted by the community. Where e-money must be used in the boarding
AL-ARBAH | 106
school environment when transacting in all business units incorporated in
boarding school cooperatives.
The hope is that Islamic boarding schools and the surrounding
communities will be able to be economically independent with the existence
of Islamic boarding schools (Kopontren) cooperatives. In addition, the
application of transaction activities in Kopontren can take place practically,
efficiently and safely by using e-money payment instruments. Of course this is
at the same time encouraging and accelerating the National Non-Cash
Movement (GNNT) so that it is immediately recognized by various levels of
society.

Literature Review
Islamic boarding school
The term pesantren is taken from the word santri which means student.
While the cottage comes from the word funduk (in Arabic) which means
lodging house or hotel. However, podok in Indonesia is a simple housing
which is divided into rooms which is a dormitory for students (HA
TimuJailani, 1982 in Abdullah, 2012). Pesantren can also be understood as
educational institutions and religious subjects, which are held in a non-
classical way. A cleric teaches Islamic religious knowledge to students based
on books written in Arabic by medieval scholars, and his students usually live
in the pondok in the pesantren (Sudjono, 1982 in Azizah, 2014).
Quoting from Rasyid (2015), according to ZamakhsariDhofier, there are
five basic elements that are elements of pesantren, namely pondok, mosque,
santri, teaching of classical books, and kyai. The function of pesantren is not
only as a center for cadre of religious thinkers (center of excellence), as an

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

institution that prints human resources, but is also expected to be an

institution that can empower people (agents of development) in all fields
including in the economic field (Nadzir, 2015). In line with the opinion of
Abdurrahman (2015), that boarding schools are expected to be able to co-
AL-ARBAH | 107
exist and contribute to the development of the community around their
environment, both in the religious and other fields, such as social, economic
and cultural.
Islamic boarding school is one institution that is still weak in the
economic field. Therefore, according to Suwito (2010) as quoted by Azizah
(2014), pesantren require management concepts that are intended to
encourage and strengthen the santri economy, institutions, innovation and
networking, strengthen local economic potential, and empower the economic
economy of the people. As a result of the successful implementation of the
management of Islamic boarding school business units, general
characteristics will be formed, such as the implementation of business units
based on leraning by doing, the implementation of the principle of self -uring
system, the establishment of the economic independence of pesantren and
the balance of welfare in lahiriyah and batiniyah (Phase, 2014 ).

Pondok Pesantren Cooperative (Kopontren)

Islamic boarding school cooperatives are boarding schools that have
business entities in the form of cooperatives and their members are
pesantren communities both inside and outside the cottage. Organizationally,
the pondokpesantren cooperative is not only an organization that uses a
social economic system but also has a religious dimension that is integrated
with individual activities (members) that are determined to improve their
economic and social situation, through mutual efforts to build mutual trust.
religious creeds for the common good (Eljunusi, 2012).
Aji (2011) in his research concluded that the things that must be
considered in managing boarding school cooperatives include: providing
equal educational and training opportunities to members; openness of ideas;
all members have the same opportunity in accessing information; improve

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

the welfare of members; improve service to members; members are always

involved in various strategic policies; as well as collaborating with other
institutions in order to strengthen and establish cooperative Islamic boarding
school cooperatives.

AL-ARBAH | 108 Islamic boarding school cooperatives have a strategic position to continue
to be developed due to several things as follows: there are many boarding
schools in Indonesia; Islamic boarding school is in direct contact with the
social and religious life of the community around the pesantren; pesantren
live 24 hours a day overnight; pesantren is rooted in society; pesantren
trusted by the community; and pesantren is a populist and egalitarian
character development institution (Eljunusi, 2012).

Wadiah, Musyarakah, and Mudharabah Agreements

Wadi'ah is a pure deposit from one party to another, both individuals and
legal entities that must be guarded and returned at any time when the
entrusted will (Mustofa, 2013). In the context of wadi'ah, the items deposited
are only limited to safekeeping, no allowances are added when returned to
the requester, except for a bonus (Murdadi, 2016). The following is a wadi'ah
contract scheme.
Musyarakah is a collaboration between two or more people, where
everyone who collaborates contributes to capital (be it money or labor). If
you experience profits, they are distributed to each according to agreement.
And if you experience a loss, then also divided based on the percentage of
capital contributions (Antonio, 2008). The following is the musyarakah
contract scheme:
While mudharabah is a collaboration between two or more people, in
which some people only contribute capital, and some contribute as labor. If a
loss occurs, it is borne by the capital owner. However, if the loss is a result of
the mistakes of the capital manager, then the responsibility is borne by the
capital manager. The benefits obtained are distributed according to the
agreement (Antonio, 2008).

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

However, its implementation in financial institutions has problems that

are not in accordance with muamalat'sfiqh theory. As a result of Nugraheni's
research (2010) which concluded that in practice the Shari'ah Financial
Institution (LKS) did not clearly state the obligations associated with LKS in
AL-ARBAH | 109
dealing with losses and risks together. In addition, the LKS also sets income
projections which in turn can obscure the profit sharing mechanism and tend
to resemble the practice in conventional banks.

Electronic Money (E-Money)

Electronic money is money used in internet transactions by electronic
means. Usually, this transaction involves the use of a computer network.
Electronic money has a stored value or prepaid where a number of values of
money are stored in an electronic medium that is owned by someone
(Adiyanti: 2015). Electronic money (e-money) can be used for various types
of payments (multi-purposed), unlike telephone cards which are single-
purpose prepaid cards (Ramdani, 2016).
The value of electronic money can be obtained by depositing a sum of
cash or by debiting an account at a bank for later deposited in electronic
equipment that belongs to him. With this equipment, the owner can make
payments or receive payments, where the value will decrease when used to
make payments or increase if receiving payments or upon replenishment
(Abidin, 2015).
Electronic money (e-money) is an innovation for the needs of payment
transactions that are micro (retail) that is payment in small amounts. The use
of e-money only attaches the card to the sensor tool provided by the issuer to
the merchant, so the payment transaction is successfully carried out by
deducting the balance on the card. This makes it easier for consumers
because they do not need to carry cash if they want to make payments, so as
to reduce the level of crime (Candrawati, 2013).
Unlike other electronic payment instruments (phone banking, internet
banking, debit / credit cards, ATM cards), electronic money does not cut the
account balance of customers who use it. Thus the principle of someone who

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

has e-money is the same as having cash. It's just that the value of money has
been converted into electronic form (Utomo, 2016).

Methods

AL-ARBAH | 110
Types of Research
The method used in this paper is through a research approach, data
collection methods and data analysis methods. The research approach used is
a qualitative approach. A qualitative approach is expected to be able to
provide a more exploratory picture when explaining the important
components discussed in this paper. The data collection method is by
conducting a study of literature from various books, academic texts, journals,
articles, and other related documents. And the data analysis used is
descriptive.

Results and Discussion

Development Model of Islamic Boarding School Cooperative (Kopontren) as
the Community Economy Driving Wheel
Currently boarding schools are seen as capable of being an institution that
functions in empowering the surrounding community, including in the
economic field. According to Azizah (2014), the concept of ekoproteksi is
needed in every boarding school. He further explained that ekoproteksi is
protection in the framework of economic independence and to realize or
escape from dependence. As well as building and maintaining its existence,
through actualized economics in the economic management function.
In this case the writer offers the concept of boarding school cooperative
(Kopontren) as an institution affiliated with boarding school. With the co-
operation, the community around the boarding school can open business
units that support the needs of students and other businesses needed by the
community. Surely this is an interesting thing that can be used as a wheel of
economic community. Both in terms of reducing unemployment and
increasing public income.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

According to Sinaga (2010), cooperatives have a socio-economic system

with characteristics such as cooperatives groups, self help, cooperative
enterprises, and member promotion. Besides that, cooperatives also have the
principle of the people for the people by the people. So if it is implemented in
AL-ARBAH | 111
a boarding school environment that is full of togetherness, help and kinship
are felt to be easily accepted by all parties.
One of the many functions of the Kopontren is as a micro-scale savings
and loan institution that is accessible to large boarding school families,
students and the surrounding community. In its implementation, this savings
and loan institution operates in accordance with Islamic sharia. Therefore,
this institution is called the Sharia Microfinance Institution (LKMS). This
LKMS must have a permit from the Financial Services Authority (OJK) as an
institution that oversees all financial institutions in Indonesia. So that it will
become a formal, legal institution and not violate existing regulations. Besides
under the supervision of the OJK, the Kopontren also cooperates with Bank
Indonesia in the use of e-money payment instruments, which will be
specifically explained in the final discussion section.
Kopontren is a joint institution owned by members who are members of
it. Then the capital or sources of Kopontren funds are obtained from
members as well as from infaq and shadaqoh funds. Where the results of the
funds collected are used for mutual interests, not only for the benefit of one
party. Namely returning to its members and to facilitate the infrastructure of
boarding school infrastructure as a public institution. Because as explained
earlier that the co-conference was established by members and for members.
Types of business units under Kopontren can be various types according
to the potential and conditions in each boarding school location. Business
units that are generally located around Islamic boarding schools are
polyclinics, pharmacies, photocopies, Sharia Microfinance Institutions
(LKMS), food stalls, photo studios, telephone shops, telephone shops, printing
houses, printing shops, mini marts, bookstores, public transportation,
internet cafes, water drink and so on. With the business units that have been
the examples of the authors above, surely can provide convenience for

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

students who live in boarding schools in meeting their daily needs. So as to

create something that is mutually beneficial between the boarding school
with the community.

Model of Sharia Agreement Implementation in Kopontren Operations

AL-ARBAH | 112
Kopontren as Sharia Microfinance Institutions (LKMS) was established to
provide business development services and community empowerment,
whether through loans or financing in micro-scale businesses to members
and the community. Another thing is to manage savings and provide business
development consulting services. This Kopontren is not merely looking for
profit, but rather focuses on the welfare of the Islamic boarding school and
the surrounding community.
In addition, the community around the boarding school can also make
deposits at the Kopontren by using the Wadiah and Mudharabah agreements.
The wadiah contract is used for members who want to keep their money.
Whereas the mudharabah contract is used for members who want to save
their money to later be used as an investment for members with a deficit. So
that later members who are surplus will get profit sharing. Members can also
finance or borrow funds using musyarakah and mudharabah agreements.
Musyarakah is carried out by members who need additional funds. Whereas
mudharabah is conducted by members who have no funds for their business.
Funds collected in the Kopontren are empowered through business units
formed in two clusters, namely the service cluster and the goods cluster.
Clusters of services can be exemplified such as photocopy, photo studio and
loundry services. The clusters of goods such as mini markets, food stalls and
bookstores. With the distribution of clusters like this, it will facilitate the co-
operative in providing guidance and assistance to entrepreneurs who
incidentally are still having a small scale.
Funding and saving funds in the Kopontren are based on the principles of
family, trust and justice. So that everyone can feel the benefit without fear of
existence. Of course this is not something that is not possible to be realized
because the environment at the boarding school is basically already

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

established an attitude of mutual trust and help. In addition, the efforts of the
members are not only assisted in terms of capital, but also given training,
training and assistance. So that the skills of the Kopontren members and the
quality of their products can continue to be developed.
AL-ARBAH | 113
E-Money Application as a Transaction Media in the Kopontren Business Unit
According to Dias (2000), the ease of non-cash transactions can drive
down transaction costs and in turn stimulate economic growth. Dias further
stated that the use of non-cash payment instruments has a dual effect both for
consumers and producers as actors of economic activity. Benefits for
consumers, ease and speed of transactions using e-money can reduce
transaction costs and precautionary costs, so that people's incomes increase
and are followed by increased consumption as well. The increase in
consumption is the implication of the ease of shopping through non-cash
devices so as to encourage the velocity of money or velocity of money.
As for the benefits for producers, increased public consumption followed
by efficiency in transaction costs will increase profits for producers and have
the potential to encourage business activities and business expansion. The
more efficient transaction costs obtained from using non-cash payment
instruments the greater the potential for increased output. This in turn
encourages increased production in the real sector which can encourage
economic growth.
The use of e-money in the boarding school environment can be
implemented through Kopontren as an institution that holds all member
accounts. In this case the co-operative cooperates with Bank Indonesia (BI) in
the procurement of tools or transaction machines. If the Kopontren is not
possible to stand on its own, the Kopontren can link with one of the Sharia
Commercial Banks that is easily accessible.
As for the technical use of e-money in real terms, members can charge
electronic values in the Kopontren with a certain nominal amount of rupiah.
After filling in the electronic value, the member gets e-money that can be
exchanged for goods and or services in the copontren business unit. The use

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

of e-money is required for all students, religious teachers, boarding school

families, members of the boarding school as well as the alumni of the
boarding school. This e-money can also be applied in the payment of salaries,
santri payments and other transactions related to Islamic boarding schools.

AL-ARBAH | 114 With this electronification, transaction activities in the pesantren

environment are expected to be more efficient, practical and safe. In addition,
with an extensive pesantren network, the habit of using DFS and electronic
money is expected to become more widespread in the community. The
existence of this expansion is also expected to be utilized by Islamic banking
to expand Islamic banking products. In turn, the use of electronic money can
help improve household economic capacity and the regional economy, as well
as the success of the National Non-Cash Movement.

Conclusion
Based on the overall presentation of this paper, it can be concluded
several things as follows: 1.) The Pondok Pesantren Cooperative (Kopontren)
is a forum for large families of Islamic boarding schools and the surrounding
community to be economically independent. With the Kopontren, there will
be many business units that can be used as the main source of economic drive
of the pesantren and surrounding communities; 2.) Kopontren can be
classified as one of the LKMS that in their operations uses shari'a contracts
and is overseen by the OJK and BI. This is to run according to formal, legal and
regulatory requirements; 3.) Santri, religious teachers, members of the
Kopontren and extended family members of the Islamic boarding school are
obliged to use e-money payment instruments for transactions in the
Kopontren business unit. The use of e-money will have a positive effect both
for consumers and producers, especially for the national economy; 4.) With
the presence of capontren in all Islamic boarding schools in Indonesia, it can
be said as an effort to accelerate sharia economy nationally. Because of course
this cooperative operational will not be separated from the principles and
contract of Islamic economics.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

We can give some suggestions to several related parties: 1.) The Ministry
of Religion as the parent of Islamic boarding schools should be able to
encourage Islamic boarding schools in Indonesia to establish Kopontren
along with using e-money payment instruments in their environment; 2.)
AL-ARBAH | 115
Bank Indonesia and the Financial Services Authority should be able to
provide stimulus so that Islamic boarding schools in Indonesia want to join to
advance the GNNT and Financial Inclution programs; 3.) Islamic boarding
schools should understand the benefits of the formation of Kopontren as a
medium of economic independence and e-money as a safe, practical and
efficient transaction tool.

References

Abdullah. 2012. Study of Market Potential and Santri Needs for Student
Islamic Boarding School Services. Journals. Indonesian Management
Journal, Vol.12 No 1 April 2012.
Abdurrahman. 2015. Empowerment of Al-Idrus Islamic Boarding School
Against Economic Development of the Wonosegoro District Repaking
Village Boyolali District. Thesis. Faculty of Adab and Cultural Sciences.
UIN SunanKalijaga Yogyakarta.
Abidin, Muhammad Sofyan. 2015. The Impact of E-Money Policy in Indonesia
as a New Payment System Tool. Surabaya State University.
Adiyanti, ArsitaIka. 2015. The Effect of Revenue, Benefits, Ease of Use,
Promotion Attractiveness, and Trust in Interest in Using E-Money
Services (Case Study: Students of UniversitasBrawijaya). Imiah Journal.
Brawijaya University.
Aji, Gunawan. 2011. Factors Affecting the Performance of Islamic Boarding
School Cooperatives. Journals. Waisongo, Volume 19, Number 1, May
2016.
Statistical Analysis of Islamic Education. 2012. Data Analysis and
Interpretation at Islamic Boarding Schools, Madrasa Diniyah (Madin),
Qur'an Education Park (TPQ) 2011-2012 Academic Year. Ministry of
Religion of the Republic of Indonesia.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 Marwini, Annisa Nur Salam

Antonio, Muhammad Syafi'i. 2008. Islamic banks from theory to practice.

Jakarta: GemaInsani Press.
Azizah, SitiNur. 2014. Management of Pesantren-Based Pesantren Business
Units. Journals. EKBISI, Vol. IX, No. 1, December 2014, p. 103 - 115
ISSN: 1907-9109.
AL-ARBAH | 116 Candrawati, Ni Nyoman Anita. 2013. Legal Protection of E-Money Card
Holders as a Payment Tool in Commercial Transactions. Udayana
University.
Department of Communication of Bank Indonesia. 2015. Bank Indonesia
Introduces Digital Financial Services (LKD) at Islamic Boarding
Schools.
Dias, Joilson. 2000. Digital Money: Review of Literature and Simulation of
Welfare Improvement of This Technological Advance. Department of
Economics, State University fos Maringa Brazil.
Eljunusi, Rahman. 2012. Participatory Commitment and Innovation
Participation Analysis and Its Influence on the Performance of Islamic
Boarding School Cooperatives. Annual International Conference on
Islamic Studies (AICIES) XII.
Phases, Muhammad Iqbal. 2014. Management of Pesantren Business Units
(Case Study of the Modern Darussalam Gontor 1 Ponorogo East Java).
Islamic economics. UIN SunanKalijaga Yogyakarta.
Indonesian Economic Report. 2014. Bank Indonesia Publications.
Murdadi, Bambang. 2016. Testing Wadiah Agreement Wary on Sharia Bank
Products. Journals. Maximum, Vol.5, N0.1, September 2015-February
2016.
Mostopha. 2013. Wadi'ahDhomanah Savings System and Risks in Sharia
Financial Services Review. Journals. Oral Journal of Al-hal, Vol. 5, No. 2,
December 2013.
Nadzir, Mohammad. 2015. Building Economic Empowerment in Islamic
Boarding Schools. Journals. Economica, Volume VI / Issue 1 / May
2015.
Nugraheni, Destri Budi. 2010. "Equality in the Musyarakah Financing
Agreement at the Sharia Bank in Yogyakarta". Journals.
MimbarHukum, Vol. 22, No. 1, 1-200.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)

 E-Money Based Boarding School Cooperative …

Pramono, Bambang et al. 2006. Impact of Non-Cash Payments on

Reconstruction and Monetary Policy. Working Paper Number 11. Bank
Indonesia.
Ramdani, Laila. 2016. Effects of the Use of Debit Cards and Electronic Money
(E-Money) on Student Consumption Expenditures. JESP-Vol. 8, No. 1 AL-ARBAH | 117
March 2016 ISSN (P) 2086-1575 E-ISSN 2502-7115.
Rasyid, Hamdan. 2015. The Role of Islamic Boarding Schools in the
Development of Islamic Economics.
Sinaga, Pariaman. 2010. Study of Cooperative Agroecoturism Management
Model. Journal Volume 5, August 2010: 205-235.
Utomo, Samuel Aditya. 2016. Contactless Smartcard Based E-Money System
with RFID Technology. Journals. Techné Journal of Electroteknika
Scientific Vol. 15 No. 1 April 2016 Page 67 - 75.

AL-ARBAH: Journal of Islamic Finance and Banking – Vol. 2 No. 1 (2020)